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RFCni 1ITInN <br />The Paris Historic Preservation Commission is aware of the desire by the City of Paris to demolish the old <br />Belford Apartment complex on South Main Street due fines owed to the City in excess of one million <br />dollars. The members of the commission would however petition City Council to instruct the City <br />Manager and City Attorney to foreclose on the Belford Apartment Complex and put out an RFP (Request <br />for Proposals) for the sale Belford Apartment Complex as an "Adaptive Historical Property Restoration". <br />The Commission would suggest the following: <br />• Foreclose on the Belford Apartment Complex <br />• Put out an RFP <br />• RFP requests bids for adaptive historical buildings sale / restoration <br />• Suggest the City adopt TIF and include that into the package <br />• Sell it for $1,000,000 with a deed of trust for 5 years, if the building is completely restored or <br />substantially restored, the note will be extended or forgiven. <br />• The note to become a second behind a bank in the event of a bank lien is necessary to obtain <br />financing <br />• Quarterly progress reports to be provided to City Council or to HPC <br />• Historical approvals and tax credit financing should take 18 months <br />• Once rehab starts it is 24 months for completion <br />If nothing is done, the building will fail or will be demolished; in the meantime it remains a blight on the <br />City, and reduces property values. <br />Requiring a buyer to provide a loan approval up front is useless because NO bank will loan $20M on a <br />dilapidated building. A developer will need to obtain Historical and New Market tax credits (and TIF if <br />possible) in order to obtain tax credit financing as well as interim financing for the project. <br />Thus, the Commission wishes the City Council to discuss, adopt and approve the foreclose of the Belford <br />Apartment Complex for fines due to the City and put out an RFP in order to restore the property, <br />enhance one of the entrances to the City and create an economic benefit to the City of Paris. <br />Adopted by the Members on October 11, 2017: <br />Chris Dux <br />Skipper Steely <br />Linda Vandiver <br />Sarah Barbee <br />Glee Emmitte <br />Randy Hider <br />David J. Alarid <br />